ICICIdirect.com's research report on currency
Forex (USD/INR)The rupee opened on a weaker note, weighed by broad-based dollar strength. Intraday, the currency came under pressure amid dollar demand by oil importers and touched a record low of 61.20. Higher crude oil prices also weighed on the currency. However, reported RBI intervention via state-owned banks and dollar sales by foreign banks helped the rupee recoup some of its lossesThe rupee ended the day at 60.61, down 0.60 percent compared to the previous close of 60.22The dollar index against six major currencies was at 84.19, down 0.30 percent from its previous closeUSD/INR derivatives strategy: Sell July contractIn the currency futures market, the most traded dollar-rupee July contract on the NSE closed at 61. The July contract open interest was up 2.40 percent from the previous dayThe August contract open interest was up 6.50 percent from the previous dayWe expect the US dollar to attract selling pressure on rallies against the INR. Utilise the highs in the USD/INR July contract to sell.Intra-day strategy| USD/ INR July futures contract (NSE) | View: Bearish on USD |
| Sell USDINR in the range of 60.58-60.62 | Market Lot: USD1000 |
| Target: 60.36/60.25 | Stop Loss: 60.72 |
| Support: S1/ S2: 59.80/59.50 | Resistance: R1/R2:61.20/61.44 |
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